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Posted on 8/22/16 at 9:34 pm to ihometiger
I have always valued the job appraisal have performed
Posted on 8/22/16 at 9:51 pm to thejudge
Appraisers will be the first wide spread financial related service provider eliminated from the market. Just too much data available for appraisers to make it another 10-15 years.
Appraisers never caught up with loan demand / consumer demand and banking demand. When a customer and bank want to do business with each other and have to wait 30 days for an appraisal, you sign your own death warrant as an industry.
Banking regulators are looking away from FIRREA after the 2008/09 market crash proved appraisals are worthless.
Appraisers never caught up with loan demand / consumer demand and banking demand. When a customer and bank want to do business with each other and have to wait 30 days for an appraisal, you sign your own death warrant as an industry.
Banking regulators are looking away from FIRREA after the 2008/09 market crash proved appraisals are worthless.
Posted on 8/22/16 at 10:00 pm to KillTheGophers
I just bought a house and had ordered my own appraisal before I agreed on a purchase price. Once the bank ordered theirs it came in about 250k less than the original. Once I looked at it, I saw the pics of 3 bathrooms weren't from my house and they used comps from pretty far away. We had to submit these to the bank and have another one done.
Huge pain in the arse
Huge pain in the arse
Posted on 8/22/16 at 10:07 pm to MikeBRLA
quote:
The time inspecting and measuring the property is only a fraction of the work that goes into an appraisal.
I know what goes in to it, I was trying to see if he could figure it out on his own. His post was very simplistic.
Posted on 8/23/16 at 9:53 pm to junkfunky
So how do you know what a property is worth without a full interior and exterior inspection, deferred maintenance.
A computer sure as hell aint gonna tell ya about the specific condition of a property. Roof bad, floors, paint, ya have to have a physical inspection to relate the cost to value.
A computer sure as hell aint gonna tell ya about the specific condition of a property. Roof bad, floors, paint, ya have to have a physical inspection to relate the cost to value.
Posted on 8/23/16 at 9:56 pm to thejudge
Because they guarantee that you can sell it for that price. And, if you can't, they will buy it from you.
Posted on 8/23/16 at 10:13 pm to Drop4Loss
quote:
computer sure as hell aint gonna tell ya about the specific condition of a property. Roof bad, floors, paint, ya have to have a physical inspection to relate the cost to value
Well a computer could certainly analyze an input of photographs and provide great detail about the condition of the property.
A Watson specific application would probably do a better job actually, but would cost a hell of a lot more.
This post was edited on 8/23/16 at 10:16 pm
Posted on 8/23/16 at 10:16 pm to thejudge
This is the same type of bullshite that contractors and any other professionals deal with. "Why did it cost $___ to pull my tooth? All he did was pull my tooth. It only took 5 minutes". Because pulling your tooth was the easy part. The hard part was paying all the insurance and employees and rent and lawyers and licensing boards and blah blah blah.
Posted on 8/23/16 at 10:17 pm to KillTheGophers
I would strongly disagree with this statement. Banking regulators are more stringent on appraisals now than I have ever seen. Dodd-Frank has added even more layers of red tape to the appraisal process now. It is adding burden to appraisers, driving community banks out of mortgage lending, and adding extra costs to the consumer, as well as making the process of buying a home take even longer.
Posted on 8/24/16 at 11:58 am to SomethingLikeA
I was given the option to go with any appraiser I wanted. I don't know where you are getting your info from LOL.
Posted on 8/24/16 at 12:28 pm to GeauxGoose
quote:
Just FYI, measuring a house and taking pics are the easier parts. A report can take hours to put together
Does it take more than 10 hours to put together? I highly doubt it, and even if it did, youre still making $40/hr. Just because appraisals haven't inflated with the ridiculous housing market racket doesn't mean they weren't and aren't still ridiculous in their own right. $400 to get a house appraised is complete horseshite and always has been.
This post was edited on 8/24/16 at 12:29 pm
Posted on 8/24/16 at 12:29 pm to Athis
quote:
I was given the option to go with any appraiser I wanted. I don't know where you are getting your info from LOL.
That's very atypical these days. Usually the bank sends someone.
Posted on 8/24/16 at 12:58 pm to GeauxGoose
quote:
as of 2015, anyone that wasn't certified at that time now needs a 4 year degree
Because looking at houses and learning your trade needs 4 years of useless bullshite education.
Posted on 8/24/16 at 1:02 pm to thejudge
Pay cash if don't like it. They could set the price at 700 or 800. It's pretty standard to pay that price for an appraisal. Just part of the process.
And, I hated paying this cost, too. Just part of the process.
And, I hated paying this cost, too. Just part of the process.
Posted on 8/24/16 at 1:07 pm to GeauxGoose
quote:or yall were getting paid way too much 15-20 years ago.
I am an appraiser and I can tell you most appraisals are between 400-450 generally speaking and that price hasn't changed in about 15-20 years so actually they should be more.
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